Grayscale’s spot Bitcoin ETF application has officially entered the examination stage after the US Securities and Exchange Commission set up 21 days to seek public opinions on the matter.
Specifically, the SEC has asked for opinions on the recent filing by the NYSE Arca that has asked the regulatory body to decide on the product. The SEC might announce its decision on or before December 24, but it has a tendency to extend the deadlines on spot Bitcoin ETF applications.
Grayscale announced on October 19 that it has officially launched an application to convert its Bitcoin Investment Trust (GBTC) to an Exchange Traded Fund (ETF). The asset management company manages one of the largest BTC investment trusts in the world, with over 640,000 BTC in Grayscale Bitcoin Investment Trust (GBTC).
If approved, the GBTC ETF could become the largest Bitcoin ETF in the world.